About Australian PRE-Decimal Paper Banknotes...

Australia’s Five Pound Banknotes – 1954 & 1960

The Australian five pound banknote stands as one of the most recognizable pre-decimal denominations, bridging two eras of national currency.

The 1954 Coombs/Wilson Commonwealth Bank issue was among the last notes printed under the Commonwealth Bank’s authority. Richly colored in green and featuring the Commonwealth Coat of Arms, it reflected both the economic confidence and the craftsmanship of the Note Printing Branch in Melbourne. At the time, the five pound was a significant sum—used heavily in commerce and banking, which explains the scarcity of uncirculated survivors today. Collectors value the 1954 issue as the final chapter of the Commonwealth Bank’s five pound legacy.

By contrast, the 1960 Coombs/Wilson Reserve Bank issue marked the dawn of a new era. With the Reserve Bank taking over note issuance, this five pound became both a “first” and a “last”—the first Reserve Bank note of its denomination, and one of the final pre-decimal issues before decimalization replaced pounds with dollars in 1966. Its transitional status makes it especially prized by investors, as it links two major shifts in Australian monetary history.

Both notes carry the signatures of H.C. “Nugget” Coombs and Roland Wilson, towering figures in post-war economic policy. Today, their presence enhances the historical significance of each issue. Auction data shows that high-grade examples, particularly uncirculated, consistently outperform catalogue estimates, confirming the enduring appeal of both notes.

Together, the 1954 and 1960 five pound notes illustrate not only the artistry of mid-20th-century Australian banknote design but also the pivotal institutional shift from Commonwealth to Reserve Bank. For collectors and investors alike, they remain essential acquisitions—symbols of continuity, change, and national heritage.